China’s crude steel output rebounded in early August after falling steadily since late June, as a recovery in steel prices in the latter part of last month led producers to up production.

Shenzhen Stock Exchange-listed Jiangsu Shagang, the listed arm of China’s largest privately-owned steelmaker Shagang Group, predicted a rise in its net profit for the first half of 2014.

China’s steel purchasing managers’ index (PMI) hit a 16-month low in May amid falling spot prices.

The Shanghai Futures Exchange has revised its futures contract for hot rolled coil, in a bid to enhance market participation in the flagging paper contract.

The base metals prices on the London Metal Exchange are, for the most part, little changed this morning, Wednesday May 17, the exception is nickel where three-month prices are down 0.9% at $9,085 per tonne.

Latin America editor Ana Paula Camargo reviews the main global steel market news covered by Metal Bulletin over the past week.

The sharp declines in the European ferro-vanadium market have paused with prices only moving down slightly last week. Meanwhile, the Chinese ferro-vanadium export market stabilized on firm offers.

Dongkuk Steel, South Korea’s third-largest steelmaker, reported a 30.2% fall in plate sales last year on the back of increased domestic competition and continuing weak demand for the product.

A dismal economic situation in Turkey is piling pressure on prices in ferrous scrap markets around the world, delegates said at the Bureau of International Recycling (BIR) international conference in Barcelona.

Several more Chinese steelmakers joined in the production cuts bandwagon on Monday July 30 to relieve sales pressure amid a weak market.